201810中国证券业调查报告(KPMG).pdf
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1、Financial services 金融服务 Mainland China Securities Survey 2018 二零一八年 中国证券业 调查报告2 | Mainland China Securities Survey 2017Contents 目录 Introduction 引言 Market overview 市场回顾 Industry trends 行业趋势 Business dynamics 业务动态 Conclusion 结语 Appendices 附录 Appendix 1 Financial highlights 附录1 财务摘要 Appendix 2 2017 se
2、ctor rankings 附录2 二零一七年行业排名 Appendix 3 Overview of Sino-foreign joint venture securities companies 附录3 中外合资证券公司一览 Appendix 4 2018 grading of securities companies by the CSRC 附录4 2018年证监会对证券公司的评级 Appendix 5 Qualified Foreign Institutional Investors (QFII) 附录5 合格境外机构投资者 Appendix 6 RMB Qualified Foreig
3、n Institutional Investors (RQFII) 附录6 人民币合格境外机构投资者 Appendix 7 Qualified Domestic Institutional Investors (QDII) 附录7 合格境内机构投资者 Appendix 8 Mainland Futures Companies 附录8 内地期货公司名单 Appendix 9 Mainland Fund Management Companies 附录9 内地基金公司名单 Appendix 10 Subsidiaries of Mainland Fund Management Companies 附
4、录10 内地基金公司子公司名单 Appendix 11 Securities companies with Hong Kong subsidiaries 附录11 设立香港子公司的证券公司 Appendix 12 List of foreign-funded enterprises for Private Fund Management Business 附录12 外商投资私募基金管理公司清单 0 1 0 2 03 04 05 06 01 07 27 51 55 57 109 117 119 121 133 141 147 153 159 163 165 37 二零一七年中国证券业调查报告 |
5、 3 Introduction 引言 01 1 | Mainland China Securities Survey 2018二零一八年中国证券业调查报告 | 2 Introduction During the past year, the capital market ushered in a new generation of reform and development. The securities industry has made new progress in implementing comprehensive risk management, actively explori
6、ng new models of integrated financial and technologic services, and expanding the opening of capital markets. According to data summarised from audited annual reports of securities companies in China released by Securities Association of China (SAC), the securities industry realised operating income
7、 of RMB 312.8 billion and net profits of RMB 112 billion (based on financial statements at parent company level) in 2017 , which were year-on-year declines of five percent and nine percent, respectively. Total assets of the 131 securities companies stood at RMB 6.1 trillion, representing a year-on-
8、year increase of six percent; net assets amounted to RMB 1 .8 trillion, which was a year-on-year increase of 12 percent. These figures show that the overall health of the industry remained stable. In terms of income composition, changes in the operating revenue of the 131 securities companies were i
9、n line with industry and regulatory developments. In 2017 , the brokerage segment accounted for 28 percent of the industrys total operating income, down six percentage points from the previous year. This once most significant source of income now seems to be running out. This was due to the fact tha
10、t increased competition and lower transaction volumes are dragging both the commission rates and income down. A similar trend was witnessed for investment banking. The investment banking segment accounted for 16 percent of the industrys total operating income in 2017 , which was a year-on-year decre
11、ase of five percentage points. In addition, the amount recorded represented a year-on-year decline of 25 percent compared with RMB 68.1 billion in 2016. The fall was primarily induced by smaller fundraisings, in particular decline in follow-on offerings and corporate bond issuances. In contrast, the
12、 proprietary trading segment realised income of RMB 101 .7 billion (including profits or losses arising from changes in fair values and investment income), which was a surge of 41 percent compared to RMB 72.3 billion recorded in 2016. This jump propelled proprietary trading to become the industrys l
13、argest source of income, with a share of 32 percent. The performance of asset management business and financing segments were largely unchanged from 2016. The tightening of regulations has been the theme of the securities market since 2016. A number of new regulations related to investor suitability
14、, compliance, liquidity risk management have been promulgated to enable the coordinated management of the securities, fund and futures sectors. In particular, on 27 April 2018, the Peoples Bank of China, China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (SAFE
15、) jointly issued the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions” , which contains unified standards to resolve a number of problems in the asset management sector, such as guaranteed repayment (the misconception that financial institutions are obliged to cove
16、r investor losses in the event of a product default), multi-layer embedding of underlying assets, leverage opacity, and regulatory arbitrage. New regulations for foreign- invested securities companies, fund management companies and futures companies were released in 2018. Their introduction relaxes
17、the percentage of foreign shareholding allowed and broadens the business scope of foreign-invested securities companies. These measures further open up the securities industry. An increasing number of securities companies are exploring ways to transform their businesses. This includes shifting from
18、traditional funding channel operations to providing more integrated service solutions that comprise of research, custodian and investment trading. These developments have led to a rise in international investments and leverage of local resources to expand cross-border activities. Many securities com
19、panies are also launching innovative products and services by technology-enabled integration of their online and offline channels. 2018 marks the 40th anniversary of 1 . The 19th session of national congress of the Communist Party of China 3 | Mainland China Securities Survey 2018 2018 KPMG Huazhen
20、LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks
21、 of KPMG International.Chinas landmark economic reform. This is a critical year as China aims to “deepen financial reforms, enhance the industrys ability to serve the real economy, increase the proportion of direct financing and promote the healthy development of a multi- layered capital market” , a
22、ccording to the 19th CPC National Congress report 1 . Securities companies will need to play a greater role in resource allocation to improve quality control, accelerate transformation of the wealth management business, focus on active management capabilities, strengthen in-house research and develo
23、pment (R&D) capabilities and deepen cross-border collaboration to enable developments characterised with compliance, transformation, innovation and internationalisation. This report is the 12th annual Mainland China Securities Survey issued by KPMG China. It was prepared based on the 2017 financial
24、statements of 131 securities companies in mainland China, released by the SAC on its official website (). 2018 KPMG Huazhen LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG Internatio
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